darkstar7475 darkstar7475
  • 21-10-2017
  • Business
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How does the concept of diminishing returns influence a producer's decision to supply a product?

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Erudite1
Erudite1 Erudite1
  • 03-11-2017
The law of diminishing returns states that if one input in the production of a product is increased while other inputs are fixed, a point will be reached where the addition of more of the input will result in a gradually smaller increase in output. Producers usually take into consideration the law of diminishing return; the law determines the quantity of product that a producer can manufacture and supply in order to make maximum profits.
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